Nikko Asset Management Americas Inc. Sells 121,264 Shares of CareDx, Inc. (NASDAQ:CDNA)

Key Points

• Nikko Asset Management Americas Inc. reduced its stake in CareDx, Inc. by 8.1%, now owning approximately 2.47% of the company, valued at $24.4 million after selling 121,264 shares.
• Insider activity includes Director Christine Cournoyer selling 29,136 shares, representing a 44.02% decrease in her position, while Peter Maag also reduced his stake by 4.02% with a sale of 13,281 shares.
• Analysts' ratings for CareDx show a mix of opinions, with a consensus rating of "Moderate Buy" and a price target averaging around $29.33, despite some brokerages lowering their target prices significantly.

Nikko Asset Management Americas Inc. decreased its position in CareDx, Inc. (NASDAQ:CDNA - Free Report) by 8.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,376,754 shares of the company's stock after selling 121,264 shares during the quarter. Nikko Asset Management Americas Inc. owned approximately 2.47% of CareDx worth $24,424,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Principal Financial Group Inc. increased its position in CareDx by 3.4% during the 1st quarter. Principal Financial Group Inc. now owns 19,624 shares of the company's stock valued at $348,000 after buying an additional 640 shares in the last quarter. Hsbc Holdings PLC grew its stake in shares of CareDx by 6.9% in the fourth quarter. Hsbc Holdings PLC now owns 17,131 shares of the company's stock worth $365,000 after acquiring an additional 1,109 shares during the last quarter. Legal & General Group Plc increased its holdings in shares of CareDx by 1.3% during the fourth quarter. Legal & General Group Plc now owns 89,751 shares of the company's stock valued at $1,922,000 after acquiring an additional 1,118 shares in the last quarter. Sterling Capital Management LLC increased its holdings in shares of CareDx by 771.2% during the fourth quarter. Sterling Capital Management LLC now owns 1,272 shares of the company's stock valued at $27,000 after acquiring an additional 1,126 shares in the last quarter. Finally, Swiss National Bank raised its position in shares of CareDx by 1.9% in the 4th quarter. Swiss National Bank now owns 98,600 shares of the company's stock worth $2,111,000 after purchasing an additional 1,800 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several analysts recently commented on CDNA shares. HC Wainwright reissued a "neutral" rating and set a $25.00 price objective on shares of CareDx in a research report on Monday, May 5th. Stephens reiterated an "overweight" rating and set a $40.00 price target on shares of CareDx in a report on Monday, May 5th. Wall Street Zen lowered shares of CareDx from a "buy" rating to a "hold" rating in a report on Monday, May 5th. Craig Hallum cut their target price on CareDx from $40.00 to $26.00 and set a "buy" rating on the stock in a research note on Friday, July 18th. Finally, The Goldman Sachs Group decreased their price target on CareDx from $34.00 to $26.00 and set a "buy" rating for the company in a research note on Thursday, April 17th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $29.33.

CareDx Trading Up 3.5%

CDNA stock traded up $0.44 on Wednesday, hitting $13.16. The company had a trading volume of 533,836 shares, compared to its average volume of 1,138,364. CareDx, Inc. has a 12-month low of $10.96 and a 12-month high of $34.84. The stock's 50-day simple moving average is $17.68 and its 200 day simple moving average is $19.02. The stock has a market cap of $732.75 million, a price-to-earnings ratio of 11.53 and a beta of 2.19.

CareDx (NASDAQ:CDNA - Get Free Report) last posted its earnings results on Wednesday, April 30th. The company reported $0.09 earnings per share for the quarter, beating analysts' consensus estimates of $0.06 by $0.03. The company had revenue of $84.69 million for the quarter, compared to the consensus estimate of $84.56 million. CareDx had a return on equity of 21.16% and a net margin of 19.79%. CareDx's revenue was up 17.6% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.03) earnings per share. Research analysts forecast that CareDx, Inc. will post -0.9 earnings per share for the current year.

Insider Transactions at CareDx

In other news, Director William A. Hagstrom sold 19,391 shares of the stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $19.90, for a total value of $385,880.90. Following the transaction, the director owned 53,979 shares in the company, valued at $1,074,182.10. This represents a 26.43% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Peter Maag sold 10,000 shares of the business's stock in a transaction that occurred on Monday, July 7th. The shares were sold at an average price of $18.58, for a total transaction of $185,800.00. Following the sale, the director owned 308,846 shares of the company's stock, valued at $5,738,358.68. This trade represents a 3.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 125,797 shares of company stock valued at $2,191,084. 4.40% of the stock is owned by company insiders.

About CareDx

CareDx, Inc engages in the discovery, development, and commercialization of diagnostic solutions for transplant patients and caregivers in the United States and internationally. It also provides AlloSure Kidney, a donor-derived cell-free DNA (dd-cfDNA) solution for kidney transplant patients; AlloMap Heart, a gene expression solution for heart transplant patients; AlloSure Heart, a dd-cfDNA solution for heart transplant patients; and AlloSure Lung, a dd-cfDNA solution for lung transplant patients.